PEER COMPANIES

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PEER COMPANIES

NEW DELHI: Wealth of India’s richest person Mukesh Ambani rose by Rs 300 crore per day over the past one year, according to a report by Barclays Hurun India Rich List 2018.

With a wealth of Rs 3,71,000 crore, Reliance Industries’ Chairman, Ambani holds the top position for the seventh year running on the back of over 45 per cent rise in the share price of the company.

His wealth is more than the combined wealth of the next three: SP Hinduja & Family (Rs 1,59,000 crore), LN Mittal & Family (Rs 1,14,500 crore), and Azim Premji (Rs 96,100 crore).

Barclays Hurun India Rich List is a compilation of the richest individuals in India having a net worth of Rs 1,000 crore or more. The number of individuals featured in the 2018 list increased by a third to 831 from 617 in 2017.

Dilip Sanghvi of Sun Pharma emerged as the fifth richest Indian on the list, three slots down from the last year. “His loss in wealth in Suzlon, whose share value declined by more than 50 per cent, was neutralised by minor gains in Sun Pharma’s share price. In April 2018, Shanghvi bought a 3.8 per cent stake in Unichem Laboratories. In June 2018, the USFDA issue regarding the plant quality in Gujarat was satisfactorily resolved and the pharma major received a clean chit,” the report said. Sanghvi wealth is around Rs 89,700 crore.

With a wealth of Rs 78,600 crore, Uday Kotak of Kotak Mahindra Bank took the sixth place in the list, followed by Cyrus S Poonawalla of Serum Institute of India (Rs 73,000 crore), Gautam Adani of Adani Enterprises (Rs 71,200 crore) and Cyrus Pallonji (Rs 69,400 crore).

The report further showed top 10 richest families in India which holds Ambani at top slot, followed by Godrej, Hinduja, Mistry, Shanghvi, Nadar, Adani, Damani, Lohia and Burman.

There are 66 NRIs from the Barclays Hurun India Rich List 2018. As muhc as 65 per cent of them are self-made. With 21 individuals, UAE is the most preferred country for NRIs, followed by the US and the UK. With Rs 159,000 crore, SP Hinduja & family of Hinduja Group is the wealthiest NRI. With a fortune of Rs 39,200 crore, Yusuff Ali MA is the wealthiest NRI living in the UAE.

According to the report, India is going through one of the most interesting periods in wealth creation. Despite rupee depreciation and rising crude oil prices, wealth creation rate in India is at an all-time high.

“Wealth is changing hands to the next generation and the number of Indian unicorns crossed 20 for the first time. Next 10 years in India would witness young and next generation entrepreneurs taking charge of the family business and the unicorn entrepreneurs cashing out and eventually becoming VC houses,” the report said.